U.S. Bank National Ass'n v. Clark
Case Date: 03/31/2004
Court: 1st District Appellate
Docket No: 1-01-2535,
1-01-2536,
1
FIFTH DIVISION Nos. 1-01-2535, 1-01-2536, 1-01-2538, 1-01-2541, 1-01-2545, 1-01-2546, 1-01-2813, 1-01-2814 and 1-01-2815
PRESIDING JUSTICE CAMPBELL delivered the opinion of the court: In these nine consolidated cases, defendants appeal from orders of the circuit court ofCook County dismissing their counterclaims and affirmative defenses in foreclosure actionsbrought by the plaintiff creditors. The defendants alleged that the creditors violated the IllinoisInterest Act by imposing fees in excess of 3% on loans with an interest rate in excess of 8%. 815ILCS 205/4.1a(f) (West 2000). The creditors filed motions to dismiss pursuant to sections 2--615and 2--619 of the Illinois Code of Civil Procedure. 735 ILCS 5/2--615, 2--619 (West 2000). OnMay 16, 2001, the trial court issued a memorandum opinion holding that the defendants'counterclaims and affirmative defenses under the Interest Act were preempted by the federalDepository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and, incertain cases, the federal Alternative Mortgage Transaction Parity Act of 1982 (Parity Act). 12U.S.C. |